Inside audit on the forefront of digital innovation

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Distinguished heads of inside audit (IA) and delegates of central banks within the ASEAN Area and the Asian Growth Financial institution, esteemed visitor audio system, colleagues from the Bangko Sentral ng Pilipinas, girls and gents, a pleasing day to all.

On behalf of the Financial Board and the Bangko Sentral ng Pilipinas, I welcome you all to the sixth ASEAN Central Financial institution Heads of Inside Audit Community Assembly, which the BSP is internet hosting for the primary time.  It’s unlucky that we couldn’t have hosted this assembly in Manila the place we are able to personally meet and welcome you, however I’m certain that this digital convention shall be simply as participating and productive.

Behind the theme of this 12 months’s assembly, which is aptly entitled “Inside Audit on the Forefront of Digital Innovation”, is the same novel idea:  Digital Darwinism.  

It revolves round a easy rule: evolve or threat being irrelevant. Within the final decade, now we have witnessed how know-how has dramatically superior our day-to-day lives. We’ve additionally seen how the monetary companies business has advanced to supply extra customer-centric monetary merchandise, leveraging on rising applied sciences, comparable to synthetic intelligence, machine studying, and robotics, amongst others. 

The pandemic has additional quickened this evolution. If something, the pandemic has taught us that digitalization is now not fascinating to have, however a must have.

Like different ASEAN nations, the Philippines goals to regain and surpass alternatives misplaced to the COVID disaster. 

We would like an economic system that’s stronger and extra technologically superior than ever earlier than.  A technique of attaining that is by way of monetary digitalization. Going digital, constructing on it, tailoring it, securing it, and pushing it to new frontiers is crucial if central banks are to achieve success in navigating the post-COVID-19 economic system.

In 2020, the BSP has launched the Digital Funds Transformation Roadmap the place we goal to attain two main objectives by 2023: First, that at the least half of all monetary transactions within the nation are executed digitally; and second, at the least 70 % of Filipino adults have monetary accounts. We imagine that monetary digitalization accelerates revenue progress and democratizes entry to extra inexpensive monetary services.

We’ve additionally embraced digital transformation in our inside technique, highlighting our dedication to being an agile, resilient, and proactive group. 

We envision to be a digitally reworked group pushed by a robust digital management, an progressive and collaborative tradition, a safe and resilient know-how infrastructure, and optimized work processes that assist data-driven selections.  Whereas we acknowledge the promising advantages of digitalization, we’re additionally cognizant of its attendant dangers.  

Thus, we additionally spotlight that these efforts are underpinned by sound digital governance, satisfactory threat administration practices, and sturdy inside controls. 

Given these developments, it will be significant for the inner audit perform to reposition itself as a strategic companion in driving digital worth. 

The unbiased view of inside audit continues to be essential, because it performs a worthwhile function in complementing the first- and second-line capabilities by offering assurance and recommendation on governance, threat administration, and controls.

Digital transformations are journeys with out borders and the chances for digital innovation are countless. As central banks embrace change by way of digitalization, inside audit groups should forge the identical path; reassess views; reimagine audit approaches and methodologies; and faucet on dependable applied sciences so as to add extra worth and supply assurance to the group. 

I hope that this assembly will present a significant platform for discussing inside audit’s quickly evolving function in these areas. 

The shared views, practices and experiences in the course of the periods will definitely enrich our data and inform our particular person and collective digital transformation journey. 

Thanks and I want you all a significant dialogue forward. 

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